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Small Banks Said to Escape Libor Fees

Intercontinental Exchanges decision follows pushback from banking groups.

By Jody Shenn and Matthew Leising, Bloomberg | Updated on November 12, 2014

Intercontinental Exchange Inc., which took over administering the London interbank offered rate this year, is planning to excuse the smallest banks from paying new fees it started charging users of the interest-rate benchmark, according to a person with knowledge of the matter.

The decision follows pushback from banking groups, one of which said that some lenders might stop using Libor as a benchmark for their loans because they considered the licensing fee too high. More than $300 trillion of securities, loans and derivatives are tied to the measure.

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